75% of OECD Countries Use Accrual Accounting for Year-End Financial Reports
A report by IFAC and the International Organisation for Economic Co-operation and Development (OECD) explores accounting and budgeting practices at the national government level in OECD countries. It concludes that nearly three-quarters of OECD countries have adopted accrual accounting for their year-end financial reports and more than a quarter now prepare their annual budgets on an accrual basis.
While there is low direct adoption by national governments of international accounting standards, such as the International Public Sector Accounting Standards (IPSAS) or International Financial Reporting Standards (IFRS), many standard setters use IPSAS or IFRS as primary or explicit references for developing their national standards.
A Focus on PFM in West Africa
<a href="http://www.ifac.org/global-knowledge-gateway/business-reporting/discussion/accountability-matters-importance-rights?utm_source=IFAC+Main+List&utm_campaign=b057622">Accountability Matters: A Rights-based Approach in Public Financial Management</a>
Unless public sector leaders are held accountable, protests like the ones seen in Greece will be repeated. Marcel Holder Robinson, Finance Policy Manager (Governments), CIPFA, explains her perspective.
<a href="https://www.youtube.com/watch?v=GVhjCPAi5-c&list=PLixGP7GJD5r0y8rBxHoOgFQQwKkYE3C-U&utm_source=IFAC+Main+List&utm_campaign=b057622347-AN_Partner_Briefing_8_8_2016&u">Transparency and Beyond: Harnessing the Power of Accrual for Public Finances</a>
Curious about the use of balance sheets to manage fiscal risk, the increased use of government financial reports in capital markets, and taking a whole system approach to PFM reforms? Check out these conversations with IPSASB, World Bank, and IMF leaders following a March seminar that explored next steps for accrual accounting in the public sector.
<a href="http://www.ifac.org/global-knowledge-gateway/public-financial-management/discussion/when-corruption-becomes-way-life-and?utm_source=IFAC+Main+List&utm_campaign=b057622347-AN_Part">When Corruption Becomes a Way of Life, and What to Do about It</a>
Vickson Ncube, Chief Executive Officer, Pan African Federation of Accountants, urges citizens in African countries to hold accountable those charged with the responsibility of managing resources, whether in the public or private sector. He represented IFAC at the Africa High Level Public Procurement Forum, where he also argued that no country should allow itself to be a haven for corrupt proceeds from Africa.
<a href="http://www.ifac.org/global-knowledge-gateway/governance/discussion/working-good-governance-public-sector-five-lessons?utm_source=IFAC+Main+List&utm_campaign=b057622347-AN_">Five Lessons and Two Wishes for Good Governance in the Public Sector </a>
Auditors care about the governance arrangements of their auditees. Peter Welch, Audit Director, European Court of Auditors, provides his perspective on what good governance in the public sector means for the European Commission and what he wishes to see in the future.
CReCER
June 6-9 – Mexico City, Mexico
IFAC actively supported the 10th Regional CReCER Conference on Accounting and Accountability for Regional Economic Growth: Fostering Trust for Regional Economic Growth. The conference reflected the need for trust in both government and the private sector to help manage public resources more effectively.
Open Government Partnership Americas Regional Meeting
November 21-22 – Buenos Aires, Argentina
As part of Open Government Week, this meeting will bring over 2,000 representatives from governments and civil society, digital innovators, journalists, and researchers to further the open government agenda in the face of current global challenges. IFAC will present its new International Public Sector Financial Accountability Index to stimulate PFM reform and will engage with regional representatives to further update the Index with information from their respective countries.
Delivering Excellent Public Finance
CIPFA has developed this interactive portal to support a diverse range of information and tools dedicated to the shared aim of strengthening PFM worldwide.
Keeping Business Clean: A CGMA Guide to Countering Fraud and Corruption
In a very timely piece, the Association of International Certified Professional Accountants (AICPA) outlines the role of management accountants in establishing best practices for combatting fraud and corruption in their organization.